Redbox parent Chicken Soup for the Soul Entertainment has set a deal with TikTok that will see the platform’s short-form videos stream on screens atop some 3,000 Redbox kiosks nationwide. Thi…
TikTok Partners With Candle Media & Supports Reese Witherspoon's Search For "Underrepresented Storytellers"
For Chicken Soup, the pact comes as the company is laboring to fully integrate Redbox, which it acquired in mid-2022 for $375 million. Most of the acquisition came in the form of assumption of debt. Even though the debt has no repayments in the next several quarters, the amount of it has spooked Wall Street, with shares plunging to near $1 after trading above $12 at the time the transaction closed last summer.
“TikTok is the go-to destination for short-form video consumption by over a billion people globally,” said Philippe Guelton, chief revenue officer of Crackle Connex. “This new partnership provides advertisers a unique opportunity to reach new audiences and drive engagement. Our Redbox kiosks are in high-traffic locations where millions of people frequently shop, such as grocery stores or value retailers.
Dan Page, Head of Global Distribution, New Screens at TikTok, said the partnership “allows us to bring together the power of our exceptional content with the high-visibility of Redbox kiosk locations, creating an effective and fresh approach to advertising.”
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